You know the drill. A round up of the papers, right here.
Myer discounts
Retail giant Myer will hold its biggest
stock take sale next month, as suppliers and rivals cut prices to
reduce stock levels due to flailing consumer confidence, according to
the Australian Financial Review (AFR). Myer boss Bernie Brookes said
that while there was no need for Myer to discount stock at the rates
competitors such as Target did, retailers needed to "entice
[customers] to spend".
Meanwhile, The Australian has reported that despite a fourth straight quarter of sales growth, Brookes has declared the worst was not over for the retail sector. Myer yesterday reported sales of $652.5 million for the three months to the end of April, up 0.5% from the same period the previous year, it said.
Nine backers cool on 'pricey' cricket
The two US-based hedge funds that
control Nine Entertainment Co, Oaktree Capital and Apollo Management,
do not want the network to match Network Ten's $500 million bid for
the cricket media rights. The AFR has reported this morning the funds
believe the rights are "too expensive".
Tom Waterhouse rival gets 'sick in guts', backs spruik ban
Sportingbet has come out in support of
a full ban on the promotion of live odds in sports broadcasts and
attacked under-fire bookie, Tom Waterhouse, says the Sydney Morning
Herald. Sportingbet chief executive Michael Sullivan has
accused Tom Waterhouse of "acting irresponsibly". "What
he's doing now is affecting all our businesses. [...] It makes me
sick in the guts when he comes on TV. The frequency of his
appearances is what's also driving people mad and Channel Nine has a
lot to answer for".
KKR sells down share in Seven West
Media
Private equity heavyweight Kohlberg
Kravis Robert (KKR) has sold its 12% share holding in Seven West
Media, according to The Australian. The sale comes amid market rumours
that Kerry Stokes - owner of Seven West Media - has reduced his $40
million stake in competitor Network Ten, the paper claimed.
Holden revs engine amid closure rumours
The future of iconic Australia
automotive brand Holden may be less secure than its halcyon days. Nevertheless the company will launch a new
Commodore model next month. The Australian reported that the VF
Commodore will go all out for high end quality. It marks the first substantial upgrade of the VE
Commodore, which launched in 2006.
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